Onus on OSJs and BOMsOct 1, 2005Susan Konig In mid-September, the SEC ordered Raymond James Financial Services (RJFS) to pay a $6.9 million fine for failing to supervise Dennis Herula, a former... Raging BullOct 1, 2005Kevin Burke A member of the New York Stock Exchange was arrested in late August for allegedly issuing a death threat to another seat holder who sued to block the... Foul or FairOct 1, 2005
Q: I'm 54 years old and, 19 years ago, was the first woman hired by my firm, which settled a sexual discrimination complaint filed by women employees... When in Doubt, Refer to the The BookOct 1, 2005By Bill Singer It's one of those stories that makes an advisor realize: That could have been me. In September 1999, Customer X and her husband transferred their son's... Expunge BathSep 1, 2005
Q: I received customer letters, written after a nasty falling-out, that my firm said would appear on my internal U4, but not my public statement. The... A Rule Not Meant to Be BrokenSep 1, 2005By Bill Singer The way things started out, William Scott seemed like a class act. In 2002, when his employer, Prudential Securities, decided to create a complex by merging... The Real Arbitration NightmareSep 1, 2005By Greg Bailey Henry Ford famously offered to deliver his Model T in any color, so long as it was black. Customers in the securities industry have roughly the same amount... Ready to Punch a Time ClockSep 1, 2005By Kristen French Big full-service brokerage houses like Merrill Lynch, Morgan Stanley, UBS and Smith Barney have long tried to have it both ways: hiring brokers as employees... She's Baaaack...Sep 1, 2005John Churchill Hydie Sumner is on the cusp of winning a battle many think she was crazy for waging. Sumner, a former broker who successfully sued Merrill Lynch for sexual... Misleading FaxSep 1, 2005John Churchill The SEC recently charged a pair of pump-and-dumpers whose worst offense might be their poor impersonation of a stockbroker. The defendants in the case... Whistleblower's LamentSep 1, 2005John Churchill Peter Scannell wants his cut. The former Putnam Investments employee, who blew the whistle on the Boston-based fund giant's market-timing practices, has... Morgan Women Fired UpSep 1, 2005Kristen French Discrimination lawsuits against Morgan Stanley could start rolling in from brokers laid off in August, say labor lawyers. The firm got rid of 1,000 low... Squawk BlocksSep 1, 2005Kevin Burke The SEC has charged four brokers and a daytrader with cheating investors through a fraudulent scheme that used squawk boxes to eavesdrop on confidential... The Price of RedemptionAug 1, 2005By Stan Luxenberg When regulators began attacking rapid trading of mutual funds, many funds rushed to slap on redemption fees. The SEC encouraged the practice, proposing... The High Price of Foot DraggingAug 1, 2005By Bill Singer Contesting arbitrations is often a smart move especially for reps who believe they were unjustly accused or that the settlement demanded by the customer... Suitable for Blaming?Aug 1, 2005
Q: I just opened an account for a new client who said he had lost a lot of money with another firm. The ACAT (automated customer account transfer) delivered... An Industry in Need of CounselingJul 1, 2005By Bill Singer Talking is good any marriage counselor will tell you so. I mention this because the relationship between regulators and the brokerage industry lately... No More Slap on the WristJun 1, 2005By Karen Donovan In the past, almost any violation by a rep resulted in a fine. Only in the most extreme cases were severe measures, like suspension and expulsion, used.... The Cost of ComplianceJun 1, 2005
Q: I am a big fan of the Ethical Rep section of the magazine. As a registered representative, I often encounter situations where my licensing and continuing... Fess Up: The Firm Will Find Out AnywayJun 1, 2005By Bill Singer People applying for work on Wall Street can be denied for many reasons these days, but there are two very common ways they get tripped up. First, some... The Compliant PresidentJun 1, 2005By B. Slade After eight turbulent years under President Bush, America is heading in different direction a very different direction. It's February 2009 time to meet... Class-Action ThreatMay 1, 2005John Churchill Smith Barney is facing a new round of sex-discrimination suits. A quartet of financial consultants from California has filed a national class-action lawsuit... Research RequirementsMay 1, 2005
Q: Many firms use third-party investment research to cover companies their own analysts don't or to supply a second opinion. As part of these arrangements,... Can Anyone Get This Write?May 1, 2005By Bill Singer Eva Yee May Sung forged the signatures of public customers and a branch manager on forms authorizing Sung to become the new representative of certain... Death by Nickels and DimesApr 1, 2005
Q: I joined my current firm in October 2003 and signed a contract that stipulated ticket charges would be $15. After only six months, the firm raised... |
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In This Issue: February 2012
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Got the Social Media Spins? Help Is On The Way
A bunch of social media services have emerged to help financial services firms comply with regulations and make the most of social networks to build business. They've got big plans for 2012.
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